High voltage measuring equipment are electric devices that are used in the measurement of electric currents with high accuracy. These equipment comprise high voltage instrument transformers, multi-meters, capacitors, and probes among others. These devices are primarily used to process and measure line voltage in substations, industrial facilities, transmission grids, and other applications such as testing centers and laboratories. These devices are most commonly used in sub-stations, industrial facilities and laboratories, and transmission grids, among others.

The growth of the high voltage measuring equipment market is expected to be predominantly propelled by heavy investments in transmission grids for maximum efficiency for power transmission and minimum loss. For example, the emerging nations in Asia Pacific, Latin America, and the Middle East and Africa are expected to invest substantially in transmission grids in order to provide electricity to users in remote areas for the first-time. On the other hand, the primary factor driving the high voltage measuring equipment market in North America and Europe is pursuits for replacement of old equipment with new ones in order to satisfy newer and stricter environmental norms.

The global high voltage measuring equipment market displayed an opportunity of US$3.36 bn in 2015 and is expected to be worth US$6.59 bn by 2024 at a CAGR of 7.9% between 2016 and 2024.

Capacitive voltage transformers led the product segment in the high voltage measuring equipment market in 2015 and are expected to hold bright growth prospects in the coming years. The use of capacitive voltage transformers for a wide voltage spectrum and their multitude of applications are reasons for their s. Potential transformers are expected to display relatively slow growth due to the limitation in their capacity. They are not designed to handle high voltage, extra high voltage, and ultra high voltage, which is expected to increase in volume in the coming years.

Instrument transformers, on the other hand, are used to step-down high voltage levels to be utilizable for millimeters, capacitors, probes etc.

Power transmission application held the leading market share of more than 50% in 2015 in terms of volume. This was trailed by the power generation (substation) application with the industrial application being a close third. The demand for high voltage measuring equipment in the industrial application is expected to be driven by new sources of electricity consumption such as robots, electric cars, and cloud computing. The others application segment is estimated to account for a small share in this market.

The increasing realization about the benefits of direct current over alternating current, particularly for high voltage long distance transmission is benefitting the high voltage measuring equipment market. These benefits include higher transmission capacity and efficiency, low cost of installation and maintenance benefits, and lower ‘right-of-way’ requirement.

Asia Pacific to Retain Lead

In 2015, Asia Pacific held the leading share in the high voltage measuring equipment market followed by Europe and North America. Between the forecast period 2016 and 2024, the Asia Pacific market for high voltage measuring equipment is anticipated to maintain its leading market share on account of high investments in transmission grids. The region is expected to be followed by the Middle East and Africa and Latin America due to investments for connecting off-grid locations to main grids for electricity needs. Meanwhile, North America and Europe are mature markets for high voltage measuring equipment thus new investments are aimed at interconnection of isolated grids and for connecting newly-constructed renewable energy plants to main grids.

High voltage measuring equipment are high accuracy electrical devices used in the measurement of high voltage (35kV-400kV), extra high voltage (401kV-800kV) and ultra high voltage (>800kV) alternating and direct currents. These instruments can be primarily divided into capacitive voltage transformers, potential transformers and other equipment like high voltage capacitors, multimeters, probes, etc. They are used in several applications like power generation (substation), power transmission, industrial facilities and laboratories, etc. Both, the capacitive voltage transformers and potential transformers are types of instrument transformers. While the capacitive voltage transformer can be used for a wide range of voltages up to 1200kV, the potential transformer has a limited range of ~250kV. During the forecast period, the demand of these equipment for direct current transmission and extra high voltage (401-800kV) transmission is expected to be higher.

High Voltage Measuring Equipment Market: Scope of Study

This report analyzes and forecasts the market for high voltage measuring equipment at the global and regional level. The market has been forecast based on volume (Units) and revenue (US$ Mn) from 2016 to 2024, considering 2015 as the base year. The study includes drivers and restraints of the global high voltage measuring equipment market. It also covers impact of these drivers and restraints on demand for high voltage measuring equipment during the forecast period. The report also highlights opportunities in the high voltage measuring equipment market at the global and regional level.

The report includes detailed value chain analysis, which provides a comprehensive view of the global high voltage measuring equipment market. Porter’s Five Forces model for the high voltage measuring equipment market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.

The study provides a decisive view of the global high voltage measuring equipment market by segmenting it in terms of product type (capacitive voltage transformers, potential transformers & others) and applications such as power generation (substation), power transmission, industrial & others (laboratory, testing centres, commercial purposes, etc.). These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for high voltage measuring equipment in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The report provides the actual market size of high voltage measuring equipment for 2015 and estimated market size for 2016 with forecast for the next eight years. The global market size of high voltage measuring equipment has been provided in terms of volume and revenue. Market volume has been defined in units, while market revenue is in US$ Mn. Market numbers have been estimated based on product type and key applications of high voltage measuring equipment. Market size and forecast for numerous end-users have been provided in terms of global, regional, and country level markets.

In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represented the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.

Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, IEA, IEEE, internal and external proprietary databases, and relevant patent and regulatory databases such as ICIS, Hoover’s, oneSOURCE, Factiva and Bloomberg, national government documents, statistical databases, trade journals, market reports, news articles, press releases, and webcasts specific to companies operating in the market.

We conduct primary interviews on an ongoing basis with industry participants and commentators to validate data and analysis. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.

High Voltage Measuring Equipment Market: Regional Outlook

Demand for the high voltage measuring equipment is anticipated to increase rapidly because of the heavy investment in transmission grids by various regions. This investment and thereby demand will be highest in Asia Pacific, followed by Middle East & Africa and Latin America. Here, the investment in transmission grids will primarily focus on providing citizens with access to electricity. On the other hand, demand will be comparatively lower in Europe and North America, where the markets are already mature and the demand is likely to come from replacement of old equipment and upgradation of the same to meet newer and stricter environmental regulations.

High Voltage Measuring Equipment Market: Competitive Landscape

The report comprises profiles of major companies operating in the global high voltage measuring equipment market. The global high voltage measuring equipment market is partially consolidated. Key players include ABB, Siemens, GE Grid Solutions, Maxwell Technologies, BHEL, Crompton Greaves, and Shanghai Electric Group Company Limited. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.

The global high voltage measuring equipment market has been segmented as follows: